Sure, each needs the other to limit production driving up prices while surreptitiously cheating.
Obviously, if both are cheating, while attempting to act cleverly to create the appearance of compliance, this could temporarily result in an increase in the price of oil, but once the market realizes that it has been duped, it will cut the price by exactly as much as it lost, or, more likely, a greater amount. Meaning over the long run this strategy is a loser, but might provide a marginal benefit to the parties selling big during the temporary price surge.
The problem is none of the major player can afford to weather the lost revenue. All need the revenue to support a restive populace. If this continues, expect the world to become more dangerous, more unstable, and for these parties to look more, and more to armed conflict, and an external enemy to distract the populace from the country's disastrous economic policies.
The next President will have full hands. The most important skills will be the ability to negotiate deals, deflect problems, and structure positive win/win deals. This would seem to favor Trump. Hillary was incapable of acting in this role while she helmed State.
From the WSJ:
"Oil prices pared gains Monday as investors remained skeptical that major producers can agree on measures to counter the persistent glut on the market.
Prices rallied more than 5% earlier after Saudi Arabia and Russia agreed to cooperate to stabilize the oil market. The two heavyweight producers, however, stopped short of outlining any limit on their petroleum output.
Brent crude, the global oil benchmark, rose 1.5% to $47.53 a barrel on London’s ICE Futures exchange after hitting a high of $49.33 a barrel earlier in the session. West Texas Intermediate futures, the U.S. crude benchmark, traded 1.8% higher at $44.24 a barrel.
Coming ahead of a meeting between major oil producers later this month, the Saudi-Russian talks fueled hopes that the producers will agree to limit their output amid concerns about the persistent glut in the market
Speaking at the G-20 summit in China on Monday, the oil ministers from the world’s two largest producers said they would form a working group to monitor the market and would have regular meetings. Saudi energy minister Khalid al-Falih called the agreement a “major step” to stabilizing prices. Russian energy minister Alexander Novak said he hopes that other producers will cooperate to achieve stability in the oil market."